Dennis Hatchell, the newly-appointed chief executive of convenience store operator The Pantry Inc., has been offered a base salary of $750,000, plus stock options worth nearly $436,000 and a $46,100 sign-on bonus when he begins his work with the company on March 5, according to company filings with the U.S. Securities and Exchange Commission.
Hatchell’s predecessor, Pantry Board Chairman and Interim CEO Edwin Holman, is collecting a base salary of $700,000, which was lower than what former CEO Terrance Marks was paid when he was leading the company. According to SEC filings, Marks was paid a base salary of $764,000 in 2010, but his total compensation package was $1.5 million.
Hatchell’s employment agreement also includes clauses relating to award agreements, relocation expenses and clawback provisions.